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ACC 561 Final Guide 3

ACC 561 Final Guide 3
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1) According to the Financial Executives Institute, one function of the treasurer is _____


 2) Budgets _____.


 3) Department performance reports can be used to help department heads determine _____.


 4) Ethical accountants are important to society because _____.


5) Below is a statement from the Institute of Management Accountants’ Statement of Ethical Professional Practice. “Refrain from disclosing confidential information acquired in the course of their work except when authorized, unless legally obligated to do so.” It is an


7) _____ refers to accounting information developed for managers within an organization.


8) _____ is the field of accounting that develops information for external decision makers such as stockholders, suppliers, banks, and government regulatory agencies.


 9) Launching a new product line is an example of _____


10) _____ would not appear on the financial statements for a sole proprietorship.


 11) The _____ is also called the statement of financial position.


12) The accrual basis of accounting recognizes the impact of transactions on the financial statements in the period when _____


13) The accounting convention of _____ guides the relative sophistication of the accounting system.



14) The accounting convention of _____ permits a company to immediately expense assets (such as a garbage can) with small values and long useful lives.


 15) Mr. Bryant invested $50,000 cash in a new corporation. The new corporation will record this transaction with a debit to_____


16) The difference between a single and multiple step income statement is that a single step income statement_____


17) The Rebecca Company acquired merchandise inventory costing $10,000 on September 1. The company will not pay for the inventory until October 1. This transaction will affect the Rebecca Company by increasing the Merchandise Inventory account by $10,000 and _____.


18) Limited liability means that_____.


 19) Which value chain function would include depreciation on transportation cost?


 20) Number of engineering hours is a likely cost driver for which value chain function?


21) Which value chain function would include the cost of computer-aided design equipment and cost to develop the prototype of a product?


22) Walnut Corporation sells desks at $480 per desk. The costs associated with each desk are as follows:

Direct materials


Total fixed costs for the period are $456,840. The contribution margin per desk is _____.


23) Hug Me Company produces dolls. Each doll sells for $20.00. Variable costs per unit total $14.00, of which $6.25 is for direct materials and $5.25 is for direct labor. If total fixed costs are $435,000, then the break even volume in dollars is _____.


24) If the sales price per unit is $100, the unit variable cost is $75, and total fixed costs are $150,000, then the break even volume in dollar sales rounded to the nearest whole dollar is _____.


25) _____ of approximating cost functions does not involve the analysis of past costs.


26) In relation to a cost function, the term reliability means_____.


27) The _____ method of measuring cost functions is the least reliable.


28) _____ is a name for a system that first accumulates overhead costs for each of the activities of an organization, and then assigns the costs of activities to the products, services, or other cost objects that caused that activity.


29) The change from traditional costing to activity-based costing may reveal that _____.


30) _____ is an example of the external financial reporting purpose of the cost management systems.


31) _____ models are mathematical models of the master budget that can react to any set of assumption about sales, costs, and product mix.


32) Budgets generate negative feelings if they are _____.



38) The master budget quantifies targets for all of the following except _____.


39) Differences between the static budget and the flexible budget are due to _____.


40) Costs are allocated for all the following purposes except to _____.


41) The use of budgeted service department cost rates protects using departments from _____.


42) Cost allocation base refers to the _____.


43) Murphy Company has two service departments, Maintenance and Personnel, as well as two production departments, Mixing and Finishing. Maintenance costs are allocated based on

square footage while personnel costs are allocated based on number of employees. The following information has been gathered for the current year:



46) In absorption costing, costs are separated into the major categories of_____.


47) _____ is another term for variable costing.


48) When the variable costing method is used, fixed factory overhead appears on the income statement as a_____.


49) _____ is the first step in designing a management control system.


50) _____ is (are) the most basic component of a management control system.


51) _____ is (are) the most basic component of a management control system.


52) The following information is available for the Peter Company: Sales $150,000 Invested Capital 156,250 ROI 10% The return on sales is _____.


 53) Jewel Company’s revenues are $300 and invested capital is $240. Expenses are currently 60% of sales. Jewel Company’s current return on investment is _____.


54) Speedo Company’s revenues are $300 on invested capital of $240. Expenses are currently 70% of sales. If Angelo Company can reduce its invested capital by 20%, return on investment will be _____

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